South Korea's Financial Supervisory Service (FSS) has said it would accelerate its inspection of money-laundering businesses in a bid to eliminate illegal international financial trades.
The financial watchdog said Tuesday it will establish a task force to combat money laundering, and plans to strengthen its monitoring of suspicious transactions.
In conjunction with local banks, the FSS also plans to create new measures to prevent illegal trades more effectively.
Due to the rapid expansion of cross-border capital, the number of money-laundering businesses in South Korea is expected to grow, increasing the need for stricter supervision.
Source:Xinhua
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